Red River Credit Union (Red River CU) is celebrating its 75th anniversary. While RRCU isn’t marking the occasion with the traditional gift of diamonds, it is offering a 24-month Summer Anniversary CD (2.77% APY). The minimum opening deposit is $500, with no stated balance cap.
The 24-month Summer Anniversary CD is also available as an IRA (Traditional and Roth), earning the same APY with the same funding requirements.
In a Live Chat, CSR stated the Early Withdrawal Penalty for the 24-month Summer Anniversary CD "is 180 days of simple interest."
Since I last wrote about Red River Credit Union, the field of membership (FOM) has expanded following the acquisition of Louisiana’s Shreveport Federal Credit Union. Individuals who live, work, worship, attend school, or volunteer in the following counties are eligible for membership:
Texas: Bowie, Camp, Cass, Delta, Franklin, Harrison, Hopkins, Hunt, Lamar, Marion, Morris, Red River, and Titus.
Arkansas: Clark, Garland, Hempstead, Hot Springs, Howard, Lafayette, Little River, Miller, Nevada, Pike, and Sevier.
Mississippi: Coahoma, Panola, and Tallahatchi. Individuals who live or work in Quitman County are also eligible.
Louisiana: Caddo Parish.
In the past, “immediate family members” of current Red River CU members qualified for membership. The wording on the Open an Account page now reads, “relatives of current member-owners,” and the online application reads, “I'm a relative of a current Member-Owner. Relative Name ________. Relative Member Number ________.”
Joining Red River CU and/or opening a 24-month Summer Anniversary CD can be done online, or at any of 18 Texas branches located in Atlanta, Clarksville, New Boston (2), Sulphur Springs, Texarkana (12), and Wake Village, or five Arkansas branches located in Ashdown, Hope, Nashville, and Texarkana (2).
Credit Union Overview
Red River Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 7.93% (excellent) based on December 31, 2017 data. In the past year, Red River CU has increased its total non-brokered deposits by $87.76 million, an excellent annual growth rate of 12.9%. Please refer to our financial overview of Red River Credit Union (NCUA Charter # 5029) for more details.
Founded in 1943 by a small group of the Red River Army Depot employees, Red River Credit Union is one of a handful of credit unions with an original FOM that extended across state lines. The City of Texarkana, RRCU’s headquarters actually lies in both Texas and Arkansas. Following the October 2017 acquisition of Shreveport Federal Credit Union’s membership and assets, RRCU currently has more than 105,200 members and assets in excess of $876 million. According to an NCUA press release (October 2017),
NCUA made the decision to liquidate Shreveport Federal Credit Union and discontinue its operations after determining the credit union was insolvent and has no prospect for restoring viable operations. At the time of liquidation and subsequent purchase by Red River Employees Federal Credit Union, Shreveport Federal Credit Union served 22,212 members and had assets of approximately $86 million, according to the credit union’s most recent Call Report. Chartered in 1956, Shreveport Federal Credit Union served Shreveport city and transit employees, members acquired through mergers with several smaller credit unions in Mississippi and Louisiana, and a number of other common bond entities.
How the Summer Anniversary CD Compares
When compared to the similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available to within the FOM, Red River Credit Union's 24-month Summer Anniversary CD APY currently ranks second.
The above rates are accurate as of 6/4/2018.
To look for the best CD rates, either nationwide or state-specific, please refer to our CD Rates Table page.